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W.R. Berkley Corporation

WRB Financial Insurance Property & Casualty

W.R. Berkley Corporation’s revenue for fiscal 2025 (year ended December 2025) was $14.7 billion, up 7.84% from fiscal 2024.

Revenue
−0.78%
EPS
−10.9%
Free cash flow
−31.3%
Total debt
−0.03%

Quarter to September 2026, against a year earlier

76.97 0.26 +0.34%
Market cap
$28.6B
P/E
16.2×
Fwd P/E
15.1×
Dividend yield
0.25%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Insurance
  • Reinsurance & Monoline Excess
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 705.46
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 3 8 8 1 — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 43.27%

Capital & Financial Ratios $m

Size
Market Cap 28,600.00
Revenue ttm 14,866.68
Net income ttm 1,862.99
Free cash flow ttm 3,061.62
Net debt Q 725.90
Valuation
P/E 16.20
Forward P/E 15.10
Price / sales 2.01
Forward P/S Powerpack
Price / FCF 9.77
Price / book 3.11
Financial health
Current ratio Q 0.30
Debt / equity Q 0.30
Interest coverage Q 19.17
Growth
Revenue growth Q −0.78% (below 0%: shrinking)
Operating income growth Q −10.87% (below 0%: shrinking)
EPS, this year +14.25%
EPS, next year A −2.09% (below 0%: weak)
Revenue, next year A −13.18% (below 0%: weak)
EPS, past 5 yrs +28.93% (at or above 15%: strong)
EPS, next 5 yrs A +5.52%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 71.87%
10-year low 10-year high
P/S against its own 10 years 96.37%
10-year low 10-year high
P/B against its own 10 years 94.98%
10-year low 10-year high

Dividends raised 2 years running

Yield
0.25%
Annual rate
0.19
Payout ratio
4.02%
Growth, 2017–25
+15.9%/yr
  1. 0.08 ’17
  2. 0.17 ’18 +118
  3. 0.09 ’19 −47
  4. 0.21 ’20 +124
  5. 0.17 ’21 −19
  6. 0.26 ’22 +53
  7. 0.21 ’23 −17
  8. 0.23 ’24 +9
  9. 0.26 ’25 +11
  10. 1.65 ’26e +535
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,363 1,975 2,540 2,113
Receivables 6,947 6,885 6,972 7,399
Inventory — — — —
Other — — — —
8,311 8,860 9,512 9,512
2023 2024 2025 Q'26
Payables 25,293 27,412 29,545 31,438
ST’ Debt — — — —
Other — — — —
25,293 27,412 29,545 31,438

Compound Annual Growth %

10y 5y 3y
Sales 7.39% 12.67% 9.62%
Cash Flow 15.06% 17.25% 11.73%
Earnings 13.45% 27.38% 8.81%
Book Value 7.68% 8.95% 12.79%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.14 Actual 1.17

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.14 1.13 Miss by 0.01
Q1 FY26 1.13 1.30 Beat by 0.17
Q2 FY26 1.09 1.27 Beat by 0.18
Q3 FY26 1.14 1.17 Beat by 0.03
Q4 FY26 1.20 — Reports 25 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.31 1.15 1.14 — —
’25 1.04 1.00 1.28 1.13 4.45
’24 1.09 0.92 0.91 1.44 4.36
’23 0.71 0.87 0.82 0.98 3.37
’22 1.41 0.43 0.55 0.91 3.29
’21 0.55 0.56 0.62 0.71 2.44
’20 (0.01) 0.17 0.36 0.74 1.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,690 3,716 3,739 — —
’25 3,547 3,671 3,768 3,721 14,708
’24 3,257 3,314 3,400 3,668 13,639
’23 2,895 2,996 3,031 3,221 12,143
’22 2,915 2,513 2,724 3,014 11,167
’21 2,157 2,296 2,424 2,578 9,455
’20 1,811 1,936 2,040 2,312 8,099
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 668 800 731 — —
’25 744 704 1,140 995 3,583
’24 746 881 1,241 810 3,678
’23 445 709 1,077 698 2,929
’22 478 528 768 795 2,569
’21 311 385 829 660 2,184
’20 153 427 557 480 1,617
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 658 724 774 — —
’25 713 682 1,127 906 3,427
’24 661 843 1,205 796 3,506
’23 441 680 1,053 700 2,874
’22 497 481 742 751 2,470
’21 310 540 804 630 2,284
’20 114 413 537 694 1,757
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 15.8% a year for ten years. It grew 29.5% a year over the last ten.

Implied
15.8%
10 years, reported
29.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,654 7,685 7,692 7,902 8,099 9,455 11,167 12,143 13,639 14,708 14,867 +7.5% 12,770 13,168 13,629 (2.5%)
Gross margin, % 49.76 47.92 48.32 47.72 44.82 47.61 47.51 47.52 47.71 47.16 47.25 (2.6) pt
EBT 896 773 812 853 705 1,283 1,720 1,754 2,264 2,281 2,338 +10.9%
EBT margin, % 11.71 10.06 10.56 10.79 8.70 13.57 15.40 14.45 16.60 15.51 15.72 +3.8 pt
Net income 602 549 641 682 531 1,022 1,381 1,381 1,756 1,779 1,863 +12.8%
Per share, $
Per share, $ Revenue 18.49 18.26 17.99 18.39 19.26 22.76 26.89 29.87 34.12 37.05 38.24 +8.0%
Earnings 1.45 1.30 1.50 1.59 1.26 2.46 3.33 3.40 4.39 4.48 4.75 +13.3%
Cash flow 2.05 1.69 1.45 2.66 3.84 5.26 6.19 7.21 9.20 9.02 8.22 +17.9%
Capex (0.85) (0.84) (1.32) (0.48) 0.33 0.24 (0.24) (0.14) (0.43) (0.39) (0.34) (8.2%)
Free cash flow 1.20 0.85 0.13 2.18 4.18 5.50 5.95 7.07 8.77 8.63 7.88 +24.5%
Book value 12.27 12.96 12.82 14.24 15.04 16.05 16.30 18.37 21.03 24.47 24.75 +8.0%
Shares, m 414 421 428 430 421 416 415 407 400 397 392 (0.5%)
Valuation, ×
Valuation, × P/E 13.56 15.95 14.61 19.30 23.22 14.90 14.55 14.12 13.30 15.65 16.20 15.9
P/S 1.07 1.14 1.22 1.67 1.53 1.61 1.80 1.61 1.72 1.89 2.01 1.5
P/B 1.61 1.60 1.71 2.16 1.96 2.28 2.97 2.62 2.78 2.87 3.11 2.3
EV/Sales 1.29 1.34 1.47 1.87 1.58 1.79 1.92 1.73 1.78 1.91 — 1.7
EV/FCF 19.81 28.62 201.41 15.80 7.27 7.40 8.70 7.32 6.92 8.21 — 31.1
Cash, $m
Cash, $m Operating cash flow 848 711 620 1,144 1,617 2,184 2,569 2,929 3,678 3,583 3,194 +17.4%
Capex (350) (352) (564) (207) 141 100 (99) (55) (172) (155) (133) (8.6%)
Free cash flow 498 359 56 937 1,757 2,284 2,470 2,874 3,506 3,427 3,062 +23.9%
Balance, $m
Balance, $m Working capital (9,968) (10,510) (10,678) (11,022) (10,794) (13,792) (15,182) (16,982) (18,552) (20,033) (21,926) +8.1%
Net debt 1,693 1,547 1,972 1,603 353 1,698 1,388 1,474 866 300 726 (17.5%)
Shareholders’ equity 5,081 5,451 5,480 6,118 6,326 6,668 6,768 7,469 8,407 9,712 9,621 +7.5%
Returns, %
Returns, % ROA 2.67 2.30 2.60 2.65 1.92 3.37 4.19 3.89 4.52 4.20 4.17 +1.5 pt
ROIC 9.57 8.22 8.13 8.15 8.00 10.68 14.18 13.15 16.12 15.03 14.89 +5.5 pt
ROE 12.39 10.43 11.72 11.76 8.53 15.74 20.56 19.40 22.12 19.64 19.18 +7.2 pt
People
People Employees 7,683 7,222 7,448 7,493 7,495 7,681 8,186 8,329 8,606 8,804 — +1.5%
Revenue/emp, $m 1.00 1.06 1.03 1.05 1.08 1.23 1.36 1.46 1.58 1.67 — +5.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

W. R. Berkley is an insurance holding company that writes commercial property-and-casualty insurance and reinsurance. Property-and-casualty insurance protects businesses and other customers against specified losses, such as liability claims, property damage, workers’ compensation costs, auto losses and professional errors. Reinsurance is insurance sold to other insurers and self-insured customers to help them manage part of their risk.

The company operates through two segments: Insurance, which predominantly underwrites commercial insurance and specialty personal lines; and Reinsurance & Monoline Excess, which provides treaty and facultative reinsurance, program-management support and excess workers’ compensation coverage. Treaty reinsurance covers a portfolio of policies, while facultative reinsurance covers individual risks. Its monoline excess operations retain risk only above a specified loss threshold.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Insurance 12,096 82.24%
Reinsurance & Monoline Excess 1,782 12.11%
Other, not broken out 830 5.65%
Gross margin 47.16%
Operating margin 16.37%
Pre-tax margin 15.51%

Revenue by segment since 2009

W.R. Berkley Corporation vs peers in Insurance Property & Casualty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TRV The Travelers Companies, Inc. $82.6B 10.4× 10.9× −0.47% (below 0%: shrinking) +9.92% (above 0%: growing) −7.92% (below 0%: shrinking) 47.74% 20.04% Compare
ALL The Allstate Corporation $67.4B 6.0× 6.9× +0.54% (above 0%: growing) −42.32% (below 0%: shrinking) +14.99% (above 0%: growing) 0.00% 0.00% Compare
CINF Cincinnati Financial Corporation $28.9B 10.9× 11.6× −18.22% (below 0%: shrinking) −58.41% (below 0%: shrinking) −29.04% (below 0%: shrinking) 18.81% 18.54% Compare
WRB W.R. Berkley Corporation $28.6B 16.2× 15.1× −0.78% (below 0%: shrinking) −10.85% (below 0%: shrinking) −31.31% (below 0%: shrinking) 46.55% 16.21%
MKL Markel Group Inc. $23.9B 13.8× 12.3× −11.22% (below 0%: shrinking) −69.36% (below 0%: shrinking) −27.15% (below 0%: shrinking) 46.51% 9.88% Compare
L Loews Corporation $22.5B 15.2× 16.0× +1.88% (above 0%: growing) −35.20% (below 0%: shrinking) −9.55% (below 0%: shrinking) 50.68% 10.65% Compare
AIZ Assurant, Inc. $15.1B 14.2× 14.0× +9.22% (above 0%: growing) +6.97% (above 0%: growing) +99.03% (above 0%: growing) 77.83% 10.73% Compare
CNA CNA Financial Corporation $13.0B 12.6× 11.8× +0.10% (above 0%: growing) −51.11% (below 0%: shrinking) −9.94% (below 0%: shrinking) 38.58% 7.04% Compare
AFG American Financial Group, Inc. $13.0B 12.7× 12.4× +10.81% (above 0%: growing) +31.78% (above 0%: growing) +134.10% (above 0%: growing) 20.98% 14.79% Compare
Median of peers $23.2B 12.7× 12.1× +0.32% −38.76% −8.74% 42.55% 10.69%

All 46 Insurance Property & Casualty stocks →

From the latest earnings call

Updated

  • CEO Rob Berkley said the company is shifting toward smaller liability accounts as competition for larger accounts intensifies, while reducing reinsurance writings.
  • CFO Rich Baio said investment income benefited from a larger fixed-maturity portfolio, while Berkley said the company intends to extend its duration.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 75.02%
Held by the ten largest 45.25%
Holder Shares Stake Change
Mitsui Sumitomo Insurance Co Ltd 58.78m 15.84% 0.00
Vanguard 36.09m 9.73% −458.89k
BlackRock 21.93m 5.91% −1.35m
State Street 14.13m 3.81% −278.78k
Geode Capital Management 8.27m 2.23% +39.07k
Morgan Stanley 8.25m 2.22% −2.16m
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC 6.38m 1.72% −1.40m
Invesco 5.03m 1.36% −23.48k
UBS 4.88m 1.31% −566.32k
Goldman Sachs 4.16m 1.12% +1.31m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.82m 21.15m 267.62
2024 17.37m 22.12m 210.70
2023 16.81m 16.03m 165.66
2022 16.71m 22.61m 165.25
2021 14.15m 18.03m 123.39

Ownership

Directors and executive officers, together 25.10%
William R. Berkley 23.30%
Mitsui Sumitomo Insurance Co. Ltd. 15.70%
BlackRock, Inc. 6.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

W.R. Berkley Corporation (WRB) Latest News

29 Oct

Impact 3 · · Business Wire
Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks earnings
Impact 3 · · Zacks

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

22 Oct

Impact 3 · · Zacks

20 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby earnings
Impact 3 · · Simply Wall St. earnings
Impact 3 · · StockStory
Impact 3 · · MT Newswires
Impact 3 · · Zacks

19 Oct

Impact 4 · · Business Wire
Impact 4 · · Simply Wall St.
Impact 3 · · MarketBeat
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Associated Press

18 Oct

Impact 3 · · StockStory

14 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

13 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · StockStory

WRB metrics, ten years each

stockrow.com/WRB · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com